Moving higher today as the Dow rose 168 points on light volume. The advance/declines were slightly negative. The summation index continues higher. Now the short term indicators on the NASDAQ are trying to turn back up. The NASDAQ was the leader to the upside today and that's a plus. Both the NASDAQ and the S&P 500 remain short term overbought. It looks like the near term rally has legs for now. But the market is still waiting on inflation data and the Fed next week. Gold bounced back as the long term up trend line continues to hold. The precious metal futures were up twenty bucks. The US dollar was down and interest rates were a bit lower. The XAU added 1 1/2, while GDX was up 1/2. Volume was light. My GDX June calls are still losers but I may continue to hold them into the Fed meeting as long as the longer term up trend line here isn't violated. Risky to be sure with only 6 days left in the June option cycle. The short term indicators for GDX are mid-range and trying to move higher. However we would have liked to see a better move up for GDX during the session considering the positive action today in gold and silver. Mentally I'm feeling OK. The VIX is still moving lower and remains short term oversold. Can it stay that way until option expiration next Friday? Stay tuned. Europe and Asia finished mixed overnight. We'll close out the trading week tomorrow.